Commercial Real Estate Insights Podcast
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Seattle Multifamily Update, UPS Divestiture, and Virgin Hotel Transformation
In this episode, Steve Hamoen begins with a market update on Seattle's multifamily real estate, highlighting significant acquisitions in the area. The discussion then moves to corporate real estate divestitures, focusing on the recent sale of a UPS office building. Steve explores new acquisitions and expansions in urban development, providing insights into the latest trends. The episode also covers the transformation of the Virgin Hotel Chicago into a Sports Illustrated-themed resort. The episode wraps up with closing acknowledgments and final thoughts.
Key Points
- Security Properties' $400.8 million acquisition of a 903-unit portfolio in Seattle underscores the strong demand for high-quality multifamily developments in urban centers.
- The sale of UPS's Alpharetta office building for $93 million reflects a broader trend of corporations divesting real estate assets to streamline operations and generate liquidity.
- Continuum Development's purchase and planned transformation of Church Street Plaza in downtown Evanston exemplifies the growing interest in mixed-use developments that combine residential and retail components in high-barrier-to-entry locations.
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Transcript
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